Tuesday Aug 12, 2014 by Josh Boyle - Director of Community & Marketing, VentureFizz
“We want to have the best software in the world for high volume Amazon sellers,” said Alasdair McLean-Foreman, Co-Founder & CEO of Teikametrics, the leader in Amazon seller software.
McLean-Foreman’s entrepreneurial journey started in his Harvard dorm room. After starting a million dollar retail sporting goods business from his freshman dorm, McLean-Foreman caught the attention of Amazon in 2003, then just testing out its third party marketplace. Amazon reached out to him to work directly with the company as one of the first third party sellers, where he discovered the insider mechanics of selling on the world’s largest retailer.
McLean-Foreman described Amazon as the tool that “helps anyone sell anything.”
“Before Amazon all this key data wasn’t even available. Now, the future of retail is data-driven,” he said.
In 2012, McLean-Foreman and co-founder Joseph Gaetano (CTO) launched Teikametrics to do just that: help others sell more on Amazon by leveraging retail data.
The Science of Selling More on Amazon
Amazon has disrupted the retail world and enabled smaller businesses to tap a much larger customer base. The void, however, is the retailer’s understanding of how to leverage this. Tools have been available that provided meaningful data, but retailers don’t know what to do with that data.
Teikametrics (derived from the Japanese word for price, “Teika”) is closing that gap with their experience and technology. Their software pulls in real-time pricing data and business intelligence to help Amazon retailers of all sizes.
The Teikametrics technology, which has evolved significantly since their launch, helps sellers manage their inventory for maximum growth by analyzing each product like an investment. McLean-Foreman likened it to the stock market software used by analysts and investors. Balancing a portfolio of stocks, he says, is similar to balancing a portfolio of retail products.
The Teikametrics team of experts then works closely with the client to develop a strategy that works best with the client’s products and business model.
From Running to Selling Running Shoes
|Originally from England, McLean-Foreman was a competitive runner who represented the Great Britain and England National Teams in the 800m. He came to the U.S. to attend Harvard University where he captained the Track Team and won multiple Ivy League Championships.|
While a freshman at Harvard, McLean-Foreman coupled his competitiveness with his love for sport (and of course his intelligence) to start his first ecommerce business, HDO Sport, from his dorm room. HDO Sport built partnerships with large brands to sell high-end sporting goods online.
From this, McLean-Foreman spun out HDO Training, where he created partnerships with independent fitness experts and trainers to offer up customized training regimens. With its growing popularity, he pitched HDO Training to the New York Road Runners (NYRR) and successfully licensed, built, and managed the official online training platform for the ING New York City Marathon.
By the time McLean-Foreman graduated from Harvard in 2005, his online business was performing better than your typical college job. With over $1M in revenue, he merged that company with a larger ecommerce entity.
McLean-Foreman would go on to create Traineo.com, an online weight loss community and tool, the technology of which he licensed to News Corporation in 2011.
A New Home
Since the 2012 launch, Teikametrics has proved out their concept and built out a roadmap for a successful future. They have been busy progressing their software platform by releasing new features and continuing to aggressively grow out their client base.
Teikametrics just moved into a new 5,000 square foot space on Summer Street, as they are making a hiring push. McLean-Foreman, who loves the energy in the Innovation District, is excited for new hires as Teikametrics is at that point where they are truly growing into a successful business yet they are still small enough where every team member can make a difference.
They are recruiting for all functions including developers, sales, marketing, and data scientists. (You can stay up to speed with their openings on their BIZZpage).
Teikametrics was previously based in Quincy and, theoretically they could have moved anywhere. McLean-Foreman saw the key benefits of being in Boston, like recruiting top talent, the opportunity to grow organically and the community component.
Looking big picture, McLean-Foreman said, “[Boston] has everything it needs to become a center of innovation.” Well, he is doing his part in that cause with Teikametrics, which he hopes will help the next generation of retailers leverage the ecommerce environment that is bringing millions of buyers and sellers together.